The digital revolution has fundamentally changed how automotive vehicles are bought and sold. Prospective buyers were formerly at the mercy of brick and mortar automotive dealers and lenders when attempting to shop for a new vehicle. The basic question of “how much can I afford?” was often answered with inaccurate information or information that served the needs of the other parties—not the buyer.
Upon entering the information age, the balance of power in the automotive market has shifted. With ample information now available online about vehicles for sale, such as tax values, the sale price of previous or similar sales, detailed photographs and other detailed information, and the ability to comparison shop, prospective buyers are increasingly able to make more informed decisions when placing purchase offers. Numerous lender-sponsored online loan applications have emerged that allow buyers to reach some level of clarity with respect to how much they can reasonably afford. These online loan applications, however, often require leaving a website listing vehicles for sale to visit a third party lender's website to apply for a loan associated with each desired vehicle. By requiring a buyer to visit a third party lender's website to acquire loan information, the buyer is unable to view loan information integrated with a vehicle listing or multiple vehicle listings. To conduct this loan application process for each desired vehicle, a buyer may spend a significant portion of time, potentially missing an opportunity to purchase a desired vehicle, or approach a purchase uninformed on alternative loan terms that may apply to the desired vehicle.
Accordingly, a need exists to provide prospective buyers of items, such as automotive vehicles, enhanced information relating to financing while shopping for the desired item.